9911796707
TMI Blog2021 (9) TMI 1242X X X X Extracts X X X X X X X X Extracts X X X X ..... ns Limited'. The Authorized Person has been appointed by the Financial Creditor, State Bank of India, to file the present Application under Section 95 of the Code seeking to initiate Insolvency resolution process against personal Guarantor of Corporate Debtor (M/s. C & C Construction Limited) Mr. Rajbir Singh in respect of the Outstanding debt of Rs. 1138.73 crores (Rupees Eleven Hundred Thirty Crore and Seventy Three Lakhs) as on 31.07.2020 due from the Corporate Debtor under rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors), Rules, 2019. 2. The Ld. Counsel for the Applicant states that it sanctioned Credit Facilities vide sanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Borrower the amount due to the CDR Lenders in respect of the above mentioned. Facilities and/or requiring the CDR Lenders to enforce any remedies or securities available to the CDR Lenders". 5. The Ld. Counsel for the applicant further submitted that the Guarantee of the Personal Guarantor was invoked by the bank by way of notice dated 24.08.2020 and a Demand Notice in Form B under rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtor) Rules, 2019 was issued by the Financial Creditor, i.e., State Bank of India on 24.08.2020 to the Personal Guarantor in respect of the unpaid debt due from M/s. C & C Constructions Limited. (Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eedings are pending against him. Therefore, Mr. Deepak Maini is appointed as the Resolution Professional in exercise of powers conferred under Section 97 of the IBC, 2016 on this Authority subject to Regulations 4 (1) and (2) of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. 9. In this matter, the Resolution Professional, Mr. Deepak Maini, shall exercise all the powers as enumerated under Section 99 of the Code read with Rules made there under. He is directed to make the recommendations along with reasons in writing, for acceptance or rejection of this Application within the stipulated time as envisaged under the provisions of Section 99 of the I 86 B Code, 2016. The Resolution Prof ..... X X X X Extracts X X X X X X X X Extracts X X X X
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